Ex-IPL chief Modi to be booked for money laundering

Enforcement Directorate is likely to book former IPL chairman Lalit Modi under the Prevention of Money Laundering Act (PMLA), for alleged misappropriation of funds to the tune of Rs 470 crore.
ED is probing Modi under the Foreign Exchange Management Act (FEMA) and action under PMLA gives the Enforcement Directorate the power to arrest and attach properties.
The ED had already issued a Blue Notice through the Interpol against Modi for alleged serious contraventions of the foreign exchange law in connection with the IPL franchisee deals.